A Family Trust is a contractual entity formed through a written agreement between yourself and the individual or individuals you select to serve as trustees.

Often, these will be close relatives such as your adult children.

As the Grantor, you have the power to establish the rules of the trust, such as who the trustees are, whether they can make decisions for the trust alone or only as a group, and who successor trustees are in the event that the original trustees cannot serve in the future.